What’s the cheapest car to own and maintain?

In today’s U.S. market, the Mitsubishi Mirage is typically the cheapest new car to own and maintain, with the Nissan Versa close behind; over the long run, a Toyota Corolla—especially the Corolla Hybrid—often delivers the lowest total cost thanks to exceptional reliability and resale value. The exact winner for you depends on purchase price, fuel costs, insurance where you live, and how long you keep the car.

How “cheapest” is measured

Ownership cost goes far beyond the sticker price. The biggest drivers are depreciation (how much value the car loses), fuel, insurance, routine maintenance and repairs, taxes/fees, and financing. Independent cost-of-ownership analyses and insurer data consistently show that small, efficient models with strong reliability and resale tend to win on total cost, even if they aren’t the absolute lowest MSRP.

Top new-car picks for low total cost (U.S., 2024–2025)

The models below routinely land near the bottom of five‑year ownership cost rankings from major U.S. analysts, thanks to high fuel economy, relatively low insurance rates, long warranties, and/or strong resale values. Availability and pricing can vary by region and incentives.

• Mitsubishi Mirage — Among the lowest MSRPs in the country, excellent fuel economy (around 39 mpg combined), and a long warranty help drive down costs. Trade-offs: basic performance and features. Mitsubishi has signaled the Mirage may be phased out in the U.S. in the near future, so check local availability.
• Nissan Versa — A budget-friendly sedan with good fuel economy (mid-30s mpg combined), modern safety tech on most trims, and generally low insurance costs. It’s more refined than the Mirage while remaining inexpensive to run.
• Toyota Corolla Hybrid — Higher purchase price than subcompacts, but outstanding fuel economy (about 50 mpg combined), industry-leading reliability, and strong resale often make its five‑year total cost competitive with—sometimes lower than—cheaper cars.
• Hyundai Elantra — Value pricing, a long warranty, and low routine maintenance costs keep ownership affordable. The Elantra Hybrid can approach Corolla Hybrid fuel economy if you find a good deal.
• Kia Forte — Similar value play to Elantra with a long warranty. Fuel economy and insurance costs are reasonable; resale isn’t as strong as Toyota’s but upfront pricing can be aggressive.

If you want the rock-bottom new-car spend, Mirage and Versa are hard to beat. If you prioritize long-term value and fewer surprises, the Corolla (especially Hybrid) can cost the same—or less—over five years despite a higher sticker.

Used-car bargains with ultra-low running costs

Buying a reliable car that’s 3–5 years old avoids the steepest depreciation while keeping maintenance predictable. The following models are frequent low-cost standouts in used-market data, provided they have clean histories and documented service.

• Toyota Corolla (gas or Hybrid) — Simple mechanicals, abundant parts, and excellent reliability keep maintenance and repairs inexpensive. Hybrids add big fuel savings.
• Honda Fit (2015–2020) — Extremely reliable, frugal, and practical. Despite being discontinued in the U.S., parts and service are easy and affordable.
• Toyota Prius (2016–2022) — 50+ mpg and proven hybrid systems yield very low running costs. Ensure the hybrid battery is healthy; many last well past 150k miles, but replacements are a big-ticket item.
• Mazda3 (2019–2021) — A reliable compact with reasonable insurance and maintenance costs; shop trims and wheels (smaller tires are cheaper to replace).
• Nissan Leaf (2018–2022) — As a used EV, it’s a bargain to operate (no oil changes, fewer moving parts). Best for shorter commutes; check battery health and range for your climate.

A thorough pre-purchase inspection, clean title, and verified maintenance history matter more than saving the last few hundred dollars on purchase price; they’re key to keeping total ownership cost low.

What ownership really costs: example math

Here’s how five‑year costs can stack up for typical drivers (about 12,000 miles per year) using national-average assumptions. Fuel costs use $3.50–$4.00 per gallon; insurance varies widely by driver and ZIP code. These are ranges, not quotes, to illustrate why the “cheapest” answer can change with your situation.

• Mitsubishi Mirage (new) — Depreciation roughly $9,000–$13,000 over five years; fuel about $5,400–$6,200 (≈39 mpg combined); insurance often $5,000–$7,000; routine maintenance/repairs about $1,500–$2,500. Result: commonly in the low-to-mid $20,000s for five-year total ownership, excluding financing and local taxes/fees.
• Nissan Versa (new) — Depreciation roughly $9,000–$12,000; fuel about $6,000–$6,700 (≈35 mpg combined); insurance often $5,000–$7,000; maintenance/repairs about $1,500–$2,500. Result: similar low-to-mid $20,000s five-year total.
• Toyota Corolla Hybrid (new) — Higher purchase price but strong resale: depreciation roughly $10,000–$13,000; fuel about $4,200–$4,800 (≈50–52 mpg combined); insurance often $5,500–$8,000; maintenance/repairs about $1,200–$2,000 (Toyota covers routine service for 2 years/25k miles on many models). Result: often in the low-to-mid $20,000s—competitive with or lower than subcompacts for many owners.

The math shows why the cheapest-to-buy car isn’t always the cheapest to own. Higher mpg and stronger resale can offset a higher sticker, especially if you drive more than average.

Maintenance and reliability factors that keep costs down

Routine service on these models is straightforward: oil and filters, cabin air filters, tire rotations, brake fluid, and, where specified, transmission fluid. Hybrids often extend brake life thanks to regenerative braking. Brands like Toyota tend to post lower unscheduled repair rates in long-term surveys; Hyundai and Kia offset potential repairs with long powertrain warranties if you’re the first owner. Regardless of brand, following the owner’s manual—rather than upsells—protects your wallet and warranty.

Insurance and safety considerations

Insurance can swing the total by thousands over five years. Cars with strong crash-test scores, abundant driver-assistance features (AEB, lane keeping), and low theft rates tend to be cheaper to insure. Get insurance quotes on the exact trim before you buy; a “bargain” car with high premiums is no bargain.

How to minimize your cost of ownership

These practical steps have the biggest impact on your total spend, whether you’re buying new or used.

1. Shop total cost, not just price: compare depreciation, fuel, insurance, and maintenance for your short list.
2. Consider lightly used (2–4 years old) to avoid steep early depreciation while retaining warranty coverage.
3. Get insurance quotes by VIN before purchase; premiums vary dramatically by model and trim.
4. Follow the maintenance schedule precisely; avoid unnecessary “flushes” and add-ons.
5. Choose sensible tires and keep them properly inflated; this saves fuel and brakes.
6. Negotiate the out‑the‑door price and financing separately; avoid extended loans that mask total cost.

Applied together, these steps routinely save owners thousands over a typical five‑year horizon.

Bottom line

If you’re buying new and want the lowest cash outlay, the Mitsubishi Mirage and Nissan Versa are usually the cheapest to own and maintain. If you want the lowest risk and potentially equal or lower five‑year cost, the Toyota Corolla—especially the Hybrid—is a standout. For many buyers, a clean, lightly used Corolla, Prius, or Honda Fit is the true lowest-cost path, provided the car has a verified history and passes a pre‑purchase inspection.

Summary

The cheapest car to own and maintain in the U.S. right now is generally the Mitsubishi Mirage for rock-bottom new-car costs, with the Nissan Versa close behind. Accounting for fuel, reliability, and resale, a Toyota Corolla—particularly the Hybrid—often matches or beats them over five years. A well-vetted used Corolla, Prius, Fit, or similar reliable compact can be the overall lowest-cost choice if you prioritize condition and history over the absolute lowest purchase price.